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International Power operates in an
increasingly complex business environment.
We place a high priority on the recruitment,
retention and training of staff at all levels,
whether employed by us directly or by
any of our subsidiaries or associates. In
particular, we operate an incentiveweighted
compensation scheme which
we believe rewards and develops staff
on the following bases:
- Achievement of tangible personal
objectives: annual targets are set
for all personnel, calibrated at levels
designed to ensure that individuals are
able to contribute to the attainment
of these objectives.
- Professional and educational
advancement: we promote and
facilitate mid-career training, internal
and external seminars, personal
development plans and other educational
programmes. In addition, we encourage
our staff to participate actively in their
personal development and in relevant
professional organisations.
- Leadership: we expect our staff to
exercise leadership in their dealings
with colleagues, partners, customers
and other contract parties.
This all relies on a foundation of personal
integrity. We endeavour to ensure that
all of our staff conduct themselves,
internally and externally, in a manner
of the highest integrity.
Clear communication links with all
staff are critical to enhance business and
commercial awareness throughout our
business. Corporate publications, the
International Power website and intranet,
employee awareness briefings from
executive management and team briefings
are all used to promote communications
and an understanding of the development
and application of policies and strategy.
We use the latest technology to aid rapid
communication with all staff around the
world, as well as regularly holding
Global Employee Forums.
Equal opportunities
The Group is committed to equal
opportunities, both from a sense of social
responsibility and also because it makes
sound business sense to benefit from the
wide-ranging knowledge and experience
of individuals in all sectors of society. This
commitment to equal opportunities
means that decisions to appoint, reward,
train, develop and promote are taken
purely on the basis of skills and abilities,
as matched against the requirements of
the job. The Group values its reputation
as a caring employer and seeks to attract
and retain high calibre employees.
Opportunities for training are given a
high priority to ensure that all individuals
can contribute to their own career
development. This approach extends
itself to the fair treatment of people
with disabilities in relation to their
recruitment, training and development.
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Employee share plans
International Power has in place a
number of share-based plans under which
employees of the Group and its subsidiary
companies may acquire Ordinary Shares in
International Power plc. These plans form
an integral part of the Group’s strategy to
provide appropriate reward and retention
strategies for employees, to align employee
and shareholder interests through incentive
targets based on clear operational and
financial criteria and to recruit, motivate
and retain staff.
These employee share plans are:
- The Demerger Long-Term Incentive
Plan (a one-off plan established at
Demerger which is open to Executive
Directors and a small number of
senior managers).
- The 2002 Performance Share Plan
(open to Executive Directors and a
small number of senior managers).
- The International Power Approved
Executive Share Option Scheme
(a discretionary plan open to UK
resident employees).
- The International Power
Unapproved Executive Share
Option Plan (a discretionary plan
for UK-based employees).
- The Global Executive Share Option
Plan (a discretionary plan for executives
resident outside of the UK).
- The International Power Sharesave
Plan (open to all UK resident
employees).
- The International Power Global
Sharesave Plan (open to employees in
certain jurisdictions outside of the UK).
- The Share Incentive Plan (open to
all UK resident employees).
- The Demerger Share Plan (open
to UK employees employed by
the Group as at Demerger).
All of the listed plans are currently in
operation, except the Share Incentive Plan.
In addition to these, during 2002 the
Company also operated the Restricted
Share Plan which was established at
demerger for the purposes of Peter Giller’s
remuneration arrangements. This Plan
ceased operation on 31 December 2002.
Executive Share Options have been
granted to employees in four countries
outside the UK and the Global Sharesave
Plan is now in operation in three countries
outside the UK. As the Group continues to
grow and employee numbers continue to
increase, we anticipate that the extension
of share plans to overseas jurisdictions
will continue apace.
Whilst Executive Directors are eligible
to participate in all of the listed Plans,
the currently serving Executive Directors
only participate in the Demerger
Long-Term Incentive Plan, the 2002
Performance Share Plan, the Approved
and Unapproved Executive Share Option
Plans and the International Power
Sharesave Plan.
The vesting of any awards made under
each of the Demerger Long-Term
Incentive Plan and the 2002 Performance
Share Plan and the ability to exercise
options granted under the Approved and
Unapproved Executive Share Option Plans
and the Global Executive Share Option
Plan are all subject to the satisfaction
of performance conditions. Information
on the relevant performance conditions
for each award or option grant under
each plan is given in the Directors’
remuneration report. The exercise of
options under the Sharesave Plan and
the release of shares under the Demerger
Share Plan, being all-employee plans, are
not subject to any performance condition.
The vesting of awards made under the
Restricted Share Plan have not been subject
to any performance condition.
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